Auditors’ report notes staffing and governance issues at ECB arm
National supervisors provide insufficient staff for inspection teams, report says
The European Central Bank's supervisory arm has several problems with its governance and staffing, a report by the European Court of Auditors (ECA) says.
The single supervisory mechanism (SSM) has suffered from "inadequate" staffing levels and an overburdened board since its establishment in November 2014, the ECA report says. Initial estimates of the SSM's staffing needs did not fully anticipate how much the supervisor's workload would grow, although this should have been "easily foreseeable".
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Organisation
Argentine candidate promises opposition seats on BCRA board
Massa promises to renegotiate IMF loan as country heads to the polls on October 22
Ex-governor issues stern warnings about planned RBA revamp
Debate over proposed changes to board structure escalates
Legal dispute pits Costa Rica central bank against financial supervisor
Regulator has refused to hand over credit data, and central bank has filed criminal charges
Costa Rica proposes strengthening central bank independence
Government wants to remove finance minister from board and change audit procedures
To govern well, manage ‘enterprise’ risk
Effective risk management should be governance-oriented and top-down; not operationally oriented and bottom-up, writes John Mendzela
Chile governor warns committee against adding mandates
Debate over central bank role continues in Chile’s second attempt at new constitution
China to overhaul financial regulatory system
Proposed changes reduce the PBoC’s role in financial oversight
RBI report details Covid contingency measures
Central bank reorganised staff and processes at “unprecedented scale and speed”
Most read
- ECB says iPhone is currently incompatible with digital euro
- Supervisors grapple with the smaller bank dilemma
- ‘Do I die, or do I survive?’ Officials reflect on Basel III complexity